The following is a brief summary of the overall financial position of the agency. The information is unaudited. Full audited financial statements for 2019-20 are attached to this report.
Statement of Comprehensive Income
2019-20 Actual $000 | 2019-20 Budget $000 | Variation $000 | 2018-19 Actual $000 | |
---|---|---|---|---|
Revenue | 32 208 | 30 777 | 1 431 | 30 985 |
Expenses | 26 560 | 24 689 | (1 871) | 26 073 |
Net result before distributions | 5 648 | 6 088 | (440) | 4 912 |
Income tax equivalent | 1 694 | 1 826 | (132) | 1 474 |
Net result after Income Tax Equivalents | 3 954 | 4 262 | (308) | 3 438 |
Statement of Financial Position
2019-20 Actual $000 | 2019-20 Budget $000 | Variation $000 | 2018-19 Actual $000 | |
---|---|---|---|---|
Current assets | 13 244 | 10 400 | 2 844 | 10 270 |
Non-current assets | 34 241 | 39 366 | (5 125) | 24 343 |
Total assets | 47 485 | 49 766 | (2 281) | 34 613 |
Current liabilities | 5 803 | 5 315 | 488 | 5 141 |
Non-current liabilities | 18 269 | 19 749 | (1 480) | 4 769 |
Total liabilities | 24 072 | 25 064 | (992) | 9 910 |
Net assets | 23 413 | 24 702 | (1 289) | 24 703 |
Equity | 23 413 | 24 702 | (1 289) | 24 703 |
During 2019-20 an interim dividend was paid and a final dividend is payable in 2020-21. The total payment will be $3.954 million (2018-19 total $3.438 million).
The Public Trustee’s net result before distributions was $5.648 million in 2019-20. That was $0.440 million below budget. The following items contributed to the unfavourable result:
Expenses were 7.5% ($1.871 million) above budget. This is mainly due to unrealised losses on investments ($1.518 million) and additional unavoidable expenditure to sustain operations as a result of the COVID-19 global pandemic ($300,000).
Revenue was 4.6% ($1.431 million) above budget. The favourable variance was attributable to a depreciation write back $2.464 million, gain on lease modification $0.532 million and sundry income $0.157 million. This was partially offset by unfavourable fees and charges revenue ($1.504 million) and investment revenue ($0.218 million). Investment revenue and fees and charges revenue were impacted by the COVID-19 global pandemic.
The variations to budget in the Statement of Financial Position are primarily related to the Accounting treatment for the Public Trustee’s accommodation lease which changed on 1 July 2019 as a result of the new AASB16 Lease standard. The accommodation lease is reflected in the Statement of Financial Position for the first time as a lease asset with an associated lease liability. The lease asset is depreciated over the life of the lease term and the lease liability is reduced with lease payments over the life of the lease term.
Consultants disclosure
The following is a summary of external consultants that have been engaged by the agency, the nature of work undertaken, and the actual payments made for the work undertaken during the financial year.
Consultancies with a contract value below $10,000 each
Consultancies | Purpose | Actual payment |
---|---|---|
All consultancies below $10,000 each – combined | N/A | $ 0 |
Consultancies with a contract value above $10,000 each
Consultancies | Purpose | Actual payment |
---|---|---|
Nil | N/A | $ 0 |
Total | $ 0 |
Data for previous years is available at: https://data.sa.gov.au/data/organization/attorney-general-s-dept
See also the Consolidated Financial Report of the Department of Treasury and Finance for total value of consultancy contracts across the South Australian Public Sector.
Contractors disclosure
The following is a summary of external contractors that have been engaged by the agency, the nature of work undertaken, and the actual payments made for work undertaken during the financial year.
Contractors with a contract value below $10,000
Contractors | Purpose | Actual payment |
---|---|---|
All contractors below $10,000 each – combined | Various | $78,561 |
Contractors with a contract value above $10,000 each
Contractors | Purpose | Actual payment |
---|---|---|
Jtwo Solutions Pty Ltd | Office 365 Planning | $13,200 |
Rosslyn Cox and Mark Williams | Management Training | $14,575 |
Scan Conversion Services Pty Ltd | Scanning Services | $19,550 |
Harrison McMillan Pty Ltd | Temporary Staff | $21,938 |
Hays Specialist Recruitment Pty Ltd | Temporary Staff | $27,395 |
The Information Management Group | Scanning Services | $33,198 |
Excel Recruitment | Temporary Staff | $37,195 |
T & P Removals Pty Ltd | Removalist Services | $40,746 |
Chamonix IT Management Consulting | Information Technology – SharePoint Upgrade | $49,500 |
Deloitte Risk Advisory Pty Ltd | Internal Audit and Risk Management Services | $61,373 |
Careerlink People Solutions | Temporary Staff | $59,927 |
SS&C Solutions Pty Ltd | Information Technology upgrades – Customer Asset Management system | $84,998 |
Ernst Young | Customer Investment Management System | $80,150 |
Pricewaterhouse Coopers | Internal Audit and Risk Management Services | $123,535 |
Randstad Pty Ltd | Temporary Staff | $165,345 |
Total | $832,625 |
Data for previous years is available at: https://data.sa.gov.au/data/organization/attorney-general-s-dept
The details of South Australian Government-awarded contracts for goods, services, and works are displayed on the SA Tenders and Contracts website. View the agency list of contracts.
The website also provides details of across government contracts.
Other information
Under the Public Corporations Act 1993, a Charter must be prepared for a Public Corporation and agreed between the Attorney-General and the Treasurer.
The Charter describes the reporting and accountability requirements and outlines objectives for invested customer funds, financial and other performance targets. It also sets out the responsibilities and the expectations of both the Public Trustee and the Government. The Charter is reviewed annually.
Customer Investments
The Public Trustee’s Growth and Equities investment strategies outperformed their target returns. The Capital Stable and Balanced investment strategies underperformed their targets due to the COVID-19 pandemic impact on strategies with a short term investment horizon.
Investment Performance versus CPI Objectives as at 30 June 2020
Investment Strategy | CPI Objective | Investment Horizon | Target Return % pa | Actual Return % pa | Over (+)/ Under(-) | Over/Under performance % pa |
---|---|---|---|---|---|---|
Capital Stable | CPI + 1.5% pa | 3 Years | 2.60% | 2.45% | – | -0.15% |
Balanced | CPI + 3% pa | 5 Years | 4.25% | 4.18% | – | -0.07% |
Growth | CPI + 3.5% pa | 7 Years | 5.04% | 6.71% | + | 1.67% |
Equities | CPI + 4% pa | 10 Years | 5.79% | 9.26% | + | 3.47% |
2019–20 Investment Strategies' performance
Last 12 Months | Last 3 Years (Annualised) | Last 5 Years (Annualised) | Last 7 Years (Annualised) | Last 10 Years (Annualised) | |
---|---|---|---|---|---|
Cash | 1.03% | 1.58% | 1.75% | 2.08% | 2.90% |
Benchmark | -0.16% | 0.53% | 0.73% | 0.99% | 1.68% |
Variance | 1.19% | 1.05% | 1.02% | 1.09% | 1.22% |
Capital Stable | -0.02% | 2.45% | 3.03% | 3.96% | 4.79% |
Benchmark | 0.21% | 3.16% | 3.21% | 3.91% | 4.56% |
Variance | -0.23% | -0.71% | -0.18% | 0.05% | 0.23% |
Balanced | -1.51% | 3.21% | 4.18% | 5.61% | 6.54% |
Benchmark | -1.54% | 4.25% | 4.42% | 5.69% | 6.41% |
Variance | 0.03% | -1.04% | -0.24% | -0.08% | 0.13% |
Growth | -2.27% | 3.75% | 4.93% | 6.71% | 7.67% |
Benchmark | -2.40% | 4.72% | 5.00% | 6.64% | 7.33% |
Variance | 0.13% | -0.97% | -0.07% | 0.07% | 0.34% |
Equities | -2.48% | 4.99% | 6.31% | 8.61% | 9.26% |
Benchmark | -3.79% | 5.67% | 6.06% | 8.34% | 8.67% |
Variance | 1.31% | -0.68% | 0.25% | 0.27% | 0.59% |